Neurology Devices Market By Product (Neurostimulation Devices, Neurosurgery Devices, Interventional Neurology Devices, Cerebrospinal fluid management devices, Others), By End User (Hospitals, Ambulatory surgery centers, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The neurology devices market valued for $12.6 billion in 2021 and is estimated to reach $27.2 billion by 2031, exhibiting a CAGR of 8.1% from 2022 to 2031.
Neurology is a branch of medicine that deals with the study, diagnosis, and treatment of disorders and diseases that affect the nervous system. The nervous system is a complex network of cells, tissues, and organs that coordinate and regulate the body's activities. It includes the brain, spinal cord, and nerves throughout the body. Neurology devices are medical instruments and equipment that are used to diagnose and treat of neurological conditions.
One of the major factors driving the growth of the neurology devices market include aging population, The rise in the geriatric population is having a significant impact on the neurology device market. As people age, they become more susceptible to neurological disorders, such as Alzheimer's disease, Parkinson's disease, and stroke. For instance, according to Alzheimer's Association the percentage of people with Alzheimer’s disease increases significantly with age: 5.0% of people age 65 to 74, 13.1% of people age 75 to 84 and 33.2% of people age 85 or older have Alzheimer’s disease. In addition, the geriatric population tends to have higher healthcare needs and spends more on healthcare services.
Furthermore, surge in preference for non-invasive and minimally invasive treatments, increase in healthcare spending, technological advancements, and rise in patient adoption is fueling market growth. Surge in prevalence of neurological disorders has been a significant driving force in the neurology device market. For instance, neurological disorders such as Alzheimer's and Parkinson's disease are more common in older people, and the number of people with these conditions is expected to rise as the population ages. Furthermore, the rise in acceptance of minimally invasive treatments as an alternative to traditional surgery is a major driver of the neurology devices market. The increase in spending on healthcare is driving the demand for neurology devices.
Technological convergence in neurological devices is a rapidly evolving field that is revolutionizing the way neurological conditions are diagnosed, treated, and managed. Compact size and wireless technology advances. Robotics and artificial intelligence are being integrated into neurological devices to improve their accuracy, speed, and functionality.
However, factors such as the high cost of neurology treatment, lack of skilled professionals, and stringent regulatory frameworks might restrain the growth of the neurology device market.
The neurological device market is segmented into product type, end user and region. By product type, the market is categorized into neurostimulation devices, neurosurgery devices, interventional neurology devices, cerebrospinal fluid management devices and others. On the basis of end user, the market is categorized into hospitals, ambulatory surgery centers, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major key players that operate in the global neurology device market are Integra Lifesciences, B.Braun SE, Medtronic plc, Natus Medical Inc, Stryker Corporation, Boston Scientific Corporation, Abbott Laboratories, LivaNova PLC, Zimmer Biomet Holding Inc. and Johnson & Johnson
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the neurology devices market analysis from 2021 to 2031 to identify the prevailing neurology devices market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the neurology devices market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global neurology devices market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product
Neurostimulation Devices
Device type
Spinal Cord Stimulators
Deep Brain Stimulators
Sacral Nerve Stimulators
Vagus Nerve Stimulators
Others
Neurosurgery Devices
Device type
Neuroendoscopy
neurosurgery navigations
Interventional Neurology Devices
Device type
Embolization Devices
Revascularization Devices
Thrombectomy Devices
Embolic Protection Devices
Accessory Devices
Cerebrospinal fluid management devices
Device type
CSF shunts
External drainage system
Others
By End User
Hospitals
Ambulatory surgery centers
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Medtronic plc
Boston Scientific Corporation
Abbott Laboratories
Zimmer Biomet Holding Inc.
Johnson & Johnson
Stryker Corporation
LivaNova PLC
B.Braun SE
Integra Lifesciences
Natus Medical Inc.
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